Elena
05 Jun, 2007
New York City
Telecoms were led by Avaya which gained 2.2% after the company agreed to a $8.2 billion buyout from two private-equity firms. Among other stocks in the sector, Ciena dropped 5%, while Sprint Nextel lost 0.9%. Some software stocks posted notable losses. Communications software developer Openwave Systems slipped 15.9% after it rejected an offer to purchase 49% of its outstanding shares.
Elena
05 Jun, 2007
New York City
Wall Street saw a weak opening Tuesday amid concerns that rate cuts are not likely in the near term after the Fed Reserve Chairman Bernanke said inflation risks remain to the upside. The Nasdaq was weighed down by 5.7% drop in the shares of Bed Bath & Beyond after the home goods retailer warned that its Q1 profit will miss forecasts. Goldman Sachs downgraded the stock to neutral from buy.
Ivaylo
05 Jun, 2007
New York City
London nudged higher on Tuesday supported by robust earnings from United Utilities and Carphone Warehouse, while investors were wary ahead of the European Central Bank decision on the Eurozone interest rates scheduled for Wednesday, and the Bank of England decision, largely believed to pause rasing the rates, on Thursday. In late morning session, the FTSE 100 gained 21 points, 0.33%, at 6,686.2
Elena
05 Jun, 2007
New York City
U.S. stock futures were indicating a lower opening Tuesday, with the market awaiting data on the nation''s service sector. The ISM index on non-manufacturing industries in May is expected to hold steady at 56%. In addition, the Fed Reserve''s Chairman Bernanke said in a speech that U.S. inflation risks are on the upside, giving investors little incentive to buy.
Ivaylo
05 Jun, 2007
New York City
Asian markets finished mostly higher on Tuesday. China recovered in volatile trading on Tuesday after the steepest one-day decline in three months yesterday as firm buying by institutions countered selling by retail investors. Japan and Hong Kong also finished up. Tokyo advanced for a fourth straight session, on strength in technology and pharmaceutical shares. HK recovered from a weak performance in the morning session and climbed.
Elena
05 Jun, 2007
New York City
Under the terms of the deal, Avaya shareholders will receive $17.50 in cash for each share of common stock they hold. Avaya said its board had approved the merger agreement with Silver Lake and TPG, suggesting that its shareholders should accept the deal. The transaction is expected to be completed in the autumn.
Ivaylo
05 Jun, 2007
New York City
The benchmark index opened slightly lower and until noon was highly volatile on weakness in oil stocks. In the afternoon session the market firmed up as banking stocks and especially a rally in SBI and Reliance Energy supported the recovery. A rebound in global markets and China in partucular also aided the rally. Bajaj Auto, Infosys and Bharti Airtel also gained while ITC and Larsen & Toubro led the decliners. The government is likely to increase the sugar buffer stock to 5 million tons.
Ivaylo
05 Jun, 2007
New York City
European markets advanced on Tuesday as telecoms stocks, financials and oil groups all added up to the cautious recovery coming after recent China market slump. Telecoms were higher as bid talk was in focus involving Vodafone viewed as a potential private equity fund target. In late morning trade, Frankfurt Xetra Dax added 0.2%, the CAC 40 in Paris climed 0.2% and London FTSE 100 gained 0.3%.
Ivaylo
05 Jun, 2007
New York City
The morning session of the market was highly volatile with IT stocks advancing while refinery stocks plunged on a reduction in jet price of fuel. In early afternoon trading, the benchmark index was in positive territory on a rally in SBI and Reliance Energy. ITC and Larsen & Toubro are the leading decliners. At mid-day trade the market-breadth is even.
123jump.com Staff
04 Jun, 2007
New York City
Shanghai fall did not drag averages in New York down, but impacted trading in Europe and Brazil. Overnight fall of 8% in Shanghai only fueled worries that Chinese consumer spending may come under pressure. In the U.S., Wal-Mart gained on several broker upgrades and Avaya rose on buyout from private equity. Crude oil rose on supply disruptions in Nigeria. Solectron agreed to merge with Flextronics and Palm sold 25% stake to private equity group. Brazil stock market crossed $1 trillion mark.
Elena
04 Jun, 2007
New York City
European stock markets closed lower Monday, pressured by weakness in the financial-services sector and utility companies such as E.On. Another plunge of the Chinese stock prices also weighed on sentiment. Utilities were among the most notable decliners, with shares of E.On falling 1.8%, RWE losing 0.6%, and Gaz de France falling 1.4%. The French CAC-40 dropped 0.7%, the U.K.''s FTSE 100 slipped 0.2%, and the German DAX Xetra ended down 0.1%.
Elena
04 Jun, 2007
New York City
The U.S. market averages turned in a lackluster performance in late morning trading after posting a notable weakness at opening. The Dow traded lower, dragged by Citigroup, Merck, Coca-Cola, and Procter & Gamble, each falling about 1%. However, Wal-Mart and General Electric limited the downward trend, rising 3% and 1.3%, respectively. Airline stocks fell after Continental Airlines reported lower revenues per passenger in May. Continental shares dropped 3.6%.
123jump.com Staff
04 Jun, 2007
New York City
In the global world of financial information and news, Dow Jones remains an American institution. In the last three decades the world of financial information has rapidly evolved from print only to TV, Internet and electronic networks. Dow Jones has found it difficult to leverage its historic leadership in this multi-media world and missed opportunities to broaden its offering. The acquisitive management and hands-off owners have seen Dow Jones franchise under attack from new media barons.
Elena
04 Jun, 2007
New York City
Acquisition news sent Accredited Home Lenders Holding 11% higher. The subprime mortgage firm agreed to be acquired by Lone Star Fund V L.P. for $15.10 a share in an all-cash deal. Avaya rose over 3% amid reports that it is close to a deal to be bought by TPG Capital and Silver Lake Partners for $17 a share.
Elena
04 Jun, 2007
New York City
Wall Street opened in the negative, pressured by an overnight plunge in the Chinese stock market. Merger activity continued on Monday, helping to limit the downward trend. Dominion added 1% after it agreed to sell most of its U.S. gas and oil operations to Loews and XTO Energy for a total of $6.5 Billion. Flextronics International fell 1.6% after it said it agreed to buy electronics maker Solectron in a cash-and-stock deal worth about $3.6 billion.
